(Recasts; adds details, share movement)
Sept 24 (Reuters) - Transmeta Corp TMTA.O said it has begun a process to seek a potential sale of the company and has entered into two agreements with Intel Corp (INTC.O) for the licensing of certain technologies and accelerated payment of its receivables, sending its shares up 27 percent.
In February, the microchip designer rejected an offer by key shareholder Riley Investment Management to buy the company for $15.50 per share, saying the offer undervalued its assets and prospects.
The company said it expects the agreement with Intel to result in a one-time, non-refundable payment of $91.5 million in the third quarter.
"This year, as a result of our successful licensing activities, we will collect at least $265 million of cash payments for our intellectual property and patents," CEO Les Crudele said in a statement.
Shares of Transmeta were trading at $17.16 after the bell. They closed at $13.50 Wednesday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Deepak Kannan)